Vacuum Packaging Market Trends, Growth Opportunities, Future Demand and Forecast 2032

Market Summary:

In 2022, the global vacuum packaging market had a size of USD 12.10 Billion, and it is anticipated to reach USD 24.65 Billion by 2032, with a projected revenue compound annual growth rate (CAGR) of 7.8% during the forecast period. Several key factors are propelling the market's revenue growth. These include the increasing demand for convenient foods, heightened consumer awareness concerning food safety, and a rising consumer preference for food products with extended shelf lives. Vacuum packaging achieves this by minimizing oxygen levels within the packaging, preserving the quality of food items and extending their shelf life. Moreover, it prevents the growth of bacteria and other harmful microorganisms, ensuring the sanitation and safety of food products.

The surge in demand for convenience food items is another driving force behind the need for vacuum packaging solutions. Consumers are increasingly gravitating towards ready-to-eat meals and packaged food products, but to maintain freshness and flavor, these items require improved packaging and longer shelf life. The fast-paced lifestyles and higher disposable incomes of consumers have contributed to a heightened demand for convenient and quick food solutions, further bolstering the demand for vacuum packaging solutions.

Additionally, the growing focus on food safety is a substantial factor in the vacuum packaging industry's revenue growth. As consumer concerns regarding the quality and safety of their food choices intensify, regulatory bodies around the world are responding with stringent regulations. Vacuum packaging stands out as an ideal solution for food packaging as it ensures the hygiene and safety of food products.

Vacuum Packaging Market Report Scope

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Strategic Development:

• In 2021, Sealed Air Corporation made an announcement about its acquisition of Tampereen Teollisuuskone Oy (TTK), a Finnish manufacturer specializing in automated packaging equipment. This strategic move was intended to broaden Sealed Air Corporation's range of products in the packaging equipment industry.
• During 2021, Berry Global Inc. completed the acquisition of Clopay Plastic Products Company, Inc., a prominent producer of breathable films and laminates used in various sectors, including hygiene, healthcare, and industry. The acquisition, valued at $475 million, aimed to enhance Berry Global's product offerings in the fields of hygiene and healthcare.
• In 2020, Amcor plc successfully acquired Bemis Company Inc., a company known for manufacturing both flexible and rigid packaging solutions, in a deal worth $6.8 billion. This acquisition was designed to expand Amcor's product portfolio and bolster its presence in the global packaging market.
• The year 2020 witnessed the Mondi Group's acquisition of two packaging companies, namely Uralplastic-N and ZAO Uzhpak, based in Russia. These acquisitions were part of Mondi's strategy to broaden its range of products within the rapidly growing Russian market.
• In 2020, Tetra Pak International S.A. unveiled its development of an innovative plant-based packaging material composed of renewable and fully traceable resources. This groundbreaking product was created to meet the surging demand for eco-friendly packaging solutions.

Competitive Landscape:

The global vacuum packaging market is highly competitive, with several large and medium-sized players accounting for a significant share of the market revenue. The major players are adopting various strategies, such as mergers & acquisitions, strategic agreements & contracts, and introducing innovative and sustainable products. Some of the major companies included in the global vacuum packaging market report are:

• Amcor plc
• Bemis Company Inc.
• Berry Global Inc.
• Sealed Air Corporation
• Coveris Holdings S.A.
• Cryovac Inc.
• ULMA Packaging, S.Coop.
• Winpak Ltd.
• Mondi Group
• Tetra Pak International S.A.

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